SiBAN Debunks Rift, Restates Association’s Commitment

Reacting to recent publications that there was a crack in the administration of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), its President, Obinna Iwuno has refuted the claims in the publications, insisting that that the association remains committed to strengthening its regulatory frameworks and promoting transparency that will create a more secure and trustworthy environment for investors and businesses alike.

In a statement issued by the association and signed by its President and a member of the Board of Trustees, Mr. Mela Claude Ake, they explained that there was crisis in the association, adding that SiBAN’s President, the Executive Council and members of the Board of Trustees are running the association seamlessly meeting various critical stakeholders in the ecosystem. 

According to the statement, “The claim by some faceless groups that it has expelled the Board of Trustees, including the President of SiBAN, Obinna Iwuno is a joke taken too far as a faceless group cannot expel a body duly recognised by the law. That the primary goal of the faceless group is to establish a shadow administration that operates behind the scenes and accommodates fraudulent activities, with the president serving as a mere figurehead. This is a misunderstanding of corporate governance as no successful organisations, regardless of size or industry run illegitimately in Nigeria. The actions of this faceless group are mere distractions and counterproductive to the group and sustainability of SiBAN and the digital currency space at large. Also, it is a feeble attempt to kick against the reforms that SiBAN is undertaking to dismantle some of their fraudulent activities like the creation and proliferation of memecoins, operating unregistered, unlicensed and unregulated crypto hedge funds and others where Nigerians have lost millions of Naira unchecked.”